It will be tough to find a lender with that little down, but my bigger concern is those markets are higher maintenance markets and lower home values, which if you do not have a very nice cushion in reserves it can crush someone, so I would also make sure if you get a property that you have sufficient reserves to handle any cash crunch.

Bottom line is you have a deal that could reduce your monthly living expenses to $100/mo.

Lately with interest rates being higher and inventory being lower I've found it harder to find deals with significant cash flow in an area I want to invest in.  

It seems like if I could put together 3-4 people who are interested in the same deal, and get them to pool their capital together on a flip, you would lower the per-person risk, you would allow more investors to enter the market. 

I am looking into AZ because it’s a less expensive market and I’ve been to Vegas but never been to AZ so i wanted at least check it out before i rule it out completely.

If you don't plan to create a business entity, then the only purpose I can think of for a separate account would be to help you manage and track your income and expenses.

Since you have a banking relationship with them they can help out with lower rates. 

This had a very expensive and poor ending for me).

What I suspect is that you are one big cap ex expense from being cash negative.  

Quote from @Kelly Farmer: My experience:Bought: March 2021, $64,900Sold: April 2024, $48,500 - $5,000 (agent fees/closing fees/etc) = $43,500Rental income (rents - expenses): $5,600Average annual returns: 2.9% (approximate)Net loss at sale: $15,800Positives:1.